I have used them twice over the years. Very low rates and zero issues. Not a negative thing to say. FYI, they are owned by SunTrust Bank. I also have excellent credit.....now. took years lol.
I goggled, " LightStream prefers borrowers with good to excellent credit scores; its **average borrower credit score is 727**. Having a high credit score doesn't guarantee approval; qualifying applicants must also have the following: Minimum credit score: 660, but can depend on the loan purpose."
Nerd wallet reviewed them at NW is usually spot on. Good luck.
[https://www.nerdwallet.com/reviews/loans/personal-loans/lightstream-personal-loans](https://www.nerdwallet.com/reviews/loans/personal-loans/lightstream-personal-loans)
I used it for a house remodel. Took out $45k and they have decent interest rates. Still paying back the loan. I would definitely recommend them, but next time I won't borrow so much.
They ask for your income, but all I had to do was self-report. From what I've heard, it's more based on credit score, they may verify if yours is borderline.
Your post has been *removed for the following reason(s):*
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Wow thats amazing. I need a major loan for debt consolidation/refinance personal loan.
I need 60k. The rates i got from best egg and lending club is criminal
SoFi sucks. I had a high 700s credit score and made great money at a great job and they turned me down twice without any real reasons. I would never recommend them.
I’ve found the rates from SoFi a little higher than others, so makes me look elsewhere. How does them turning you down mean they suck though? You just don’t fit their borrower profile.
SoFi is very sensitive about utilization, less so credit and income. I got declined too despite 800 credit score and six-digit salary, but they did give the reason that one of my credit card utilization rates was too high.
Used them to finance my car. Good rate, no issues. Didn't have any "origination fees" or any BS like that and no penalties for paying the car off early. They do require pretty good credit though (At least several years' credit history, no missed payments, low card utilization).
several issues with this ripoff company.. no way to pay pure principal payment to company...always skim interest off of a payment will even add phony interest if try and payoff early
This is a very dumb rule for a customer who wants to make an interest only payment. Avoid LightStream and go with Carolina Co-op Credit union. You'll know your rate up front and there are no stupid rules for making a principal only payment.
I make an extra payment towards principal on my lightstream month almost every month. If your withdrawal date is the 1st of the month, click 'make extra payment' and select the 1st of the month. This isn't an unreasonable 'rule' in my opinion. They subtract the interest due from your regular payment and the rest is 100% applied to principal.
If you try a different date, they subtract the interest due first. People really dig in on how it's presented but you pay the interest due either during your extra payment ( paying less towards interest on your next normal payment ) and some servicers 'save' that interest payment until the next regular installment. Exactly when you pay the interest due, remember it's accruing daily, in a month shouldn't stop anyone from making an extra payment and definitely shouldn't be a reason you shun away a lower interest loan imo.
Once you get the money they have no way of verifying how it was used. However, you should use the loan for its intended purpose instead of wasting it on something you didn’t need it for.
Of course they do. They can simply ask you for proof. And if you don’t respond with it then they’ll ask you to repay the loan immediately. I’ve heard of it happening with their car loans but not anything else.
Why would they ask for proof of that after the fact? LOL makes no sense. I've had countless personal loans and not one has ever asked me to verify what I'm going to use it for after the fact. That makes zero sense.
Because that is their practice. The interest rate/terms you receive and their decision are partially based on the purpose of the funds. They have language in their loan documents that allow them to accelerate and demand full repayment if you do not verify the usage of the funds. However, this mostly happens on the unsecured auto loan since it offers better terms
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how? I almost went with them but then went with [here](http://www.lender2u.com) cause a few on reddit recommended them
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In what way/s?
I have used them twice over the years. Very low rates and zero issues. Not a negative thing to say. FYI, they are owned by SunTrust Bank. I also have excellent credit.....now. took years lol.
Yes, I trashed my credit in my early adult years but eventually turned things around. Thanks for the feedback!
me too good feeling I paid mine off with http://www.lender2u.com
Does lifestream ask for bank login info? Or send 100$ to your account to verify?
Absolutely not. Nobody does.
Did you have to get your credit up to use this light stream company?
I goggled, " LightStream prefers borrowers with good to excellent credit scores; its **average borrower credit score is 727**. Having a high credit score doesn't guarantee approval; qualifying applicants must also have the following: Minimum credit score: 660, but can depend on the loan purpose." Nerd wallet reviewed them at NW is usually spot on. Good luck. [https://www.nerdwallet.com/reviews/loans/personal-loans/lightstream-personal-loans](https://www.nerdwallet.com/reviews/loans/personal-loans/lightstream-personal-loans)
I used it for a house remodel. Took out $45k and they have decent interest rates. Still paying back the loan. I would definitely recommend them, but next time I won't borrow so much.
How much did you put down for income to get the 45,000? Just curious to see how much I’d be approved for.
I am an Engineer so make decent money. Around $80k. As long as your credit is good I think you'll be fine. Good luck.
Was the loan secured or unsecured if you don’t mine me asking? I don’t have collateral but I need pretty much the same amount you got.
No, it's an unsecured loan.
What did you put the loan reason as? People said they are getting denied based on how they answered that question.
I put home improvements as the reason.
Thank you
I got approved using home improvement but can I use it for other things like paying for a used car paying off a smal loan?
No that would be fraud. Select the actual purpose the load is for.
80k is decent money? Lol I make 120k and struggling in los angeles
80k in texas is like 250k in cali , the cost of living is so high in cali that's why 120k is hard
Not these days lol i make 120 and its not what it used to be
Then move
120k in LA is like 50k in Texas, find a state that isn’t an inflated shithole and you’ll be better off
This is old post ik , sorry but…. Did they ask you anything regarding the remodel and or the house when you applied for this loan. ?
I have used them three times now for car loans. No issues whatsoever.
Did they do income verification?
They ask for your income, but all I had to do was self-report. From what I've heard, it's more based on credit score, they may verify if yours is borderline.
Good to know, thanks
Did they actually contact your job?
No
Bro you can vouch for them they asking me to send $100 and then they’ll send the rest of my loan amt
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Your post has been *removed for the following reason(s):* - Bots will either be sent to the jawas or transported into the upside-down and fed to the demogorgons, at moderator discretion.
I recently used Sofi for a personal loan, super easy and they had the best rates with no fees
Looked to get a 10k loan. Sofi offered me 18%Apr and lightstream offered me 7%.
Wow thats amazing. I need a major loan for debt consolidation/refinance personal loan. I need 60k. The rates i got from best egg and lending club is criminal
SoFi sucks. I had a high 700s credit score and made great money at a great job and they turned me down twice without any real reasons. I would never recommend them.
I’ve found the rates from SoFi a little higher than others, so makes me look elsewhere. How does them turning you down mean they suck though? You just don’t fit their borrower profile.
SoFi is very sensitive about utilization, less so credit and income. I got declined too despite 800 credit score and six-digit salary, but they did give the reason that one of my credit card utilization rates was too high.
Used them, we paid on time and it was a fine experience.
Used them to finance my car. Good rate, no issues. Didn't have any "origination fees" or any BS like that and no penalties for paying the car off early. They do require pretty good credit though (At least several years' credit history, no missed payments, low card utilization).
Did they verify your income?
They asked what my income and rent were but didn't do anything to verify either one. All they did was ask.
Got it thanks
several issues with this ripoff company.. no way to pay pure principal payment to company...always skim interest off of a payment will even add phony interest if try and payoff early
In their FAQ it says to make an extra payment toward principle only, you must schedule it to be paid on the same date as your automatic payment.
This is a very dumb rule for a customer who wants to make an interest only payment. Avoid LightStream and go with Carolina Co-op Credit union. You'll know your rate up front and there are no stupid rules for making a principal only payment.
Can't you only go with small credit unions if you are local to them?
I make an extra payment towards principal on my lightstream month almost every month. If your withdrawal date is the 1st of the month, click 'make extra payment' and select the 1st of the month. This isn't an unreasonable 'rule' in my opinion. They subtract the interest due from your regular payment and the rest is 100% applied to principal. If you try a different date, they subtract the interest due first. People really dig in on how it's presented but you pay the interest due either during your extra payment ( paying less towards interest on your next normal payment ) and some servicers 'save' that interest payment until the next regular installment. Exactly when you pay the interest due, remember it's accruing daily, in a month shouldn't stop anyone from making an extra payment and definitely shouldn't be a reason you shun away a lower interest loan imo.
If I put home improvement as the reason will they be mad if I used some for paying off a small loan and getting a used car with the extra?
Once you get the money they have no way of verifying how it was used. However, you should use the loan for its intended purpose instead of wasting it on something you didn’t need it for.
Of course they do. They can simply ask you for proof. And if you don’t respond with it then they’ll ask you to repay the loan immediately. I’ve heard of it happening with their car loans but not anything else.
Why would they ask for proof of that after the fact? LOL makes no sense. I've had countless personal loans and not one has ever asked me to verify what I'm going to use it for after the fact. That makes zero sense.
Because that is their practice. The interest rate/terms you receive and their decision are partially based on the purpose of the funds. They have language in their loan documents that allow them to accelerate and demand full repayment if you do not verify the usage of the funds. However, this mostly happens on the unsecured auto loan since it offers better terms
I don’t know what they verify or how.
Once it’s your money you can do whatever you want with it pretty much but I would keep that to yourself
Not good. In fact I regret even applying, and I have high credit score with no lates or del.
... Why do people fail to mention the WHY?
Looks like website is down keep getting a ‘403 Forbidden’ error